if its a blunt i will usualy (4 out of 5 times) french inhale or like Budsmoker said, suck in the little clouds of smoke.

bowl - take a nice long hit then put my thumb over the bowl and open the carb and clear the chamber so no smoke is wasted and the bowl is out, so its not burning while im waiting to exhale.

bong - similar to the way i rip bowls but i pull out the slide and clear that fucker rather than releasing a carb.